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In what could be the first of many more determinations, Charles Pillai, the Ombud for Financial Services Providers, has ruled against a broker who sold investments in Leaderguard to a pensioner.
Altogether, 1 850 investors lost 95 percent of their investments when Mauritius-based Leaderguard Spot Forex collapsed last year, resulting in South Africa's largest foreign-currency trading scandal. Investor losses totalled R350 million.
The Financial Services Board has asked Ernst & Young's forensics division to investigate all financial advisers who sold Leaderguard products in terms of the Financial Advisory and Intermediary Services (FAIS) Act. This could result in financial advisers losing their licences.
Pillai says the picture that emerges is that of fraud on a massive scale perpetrated by brokers who naively believed all was well.
In his ruling, the ombud says that fraudulent acts of the Leaderguard company and the higher-than-normal commission paid to intermediaries should have aroused the suspicions of brokers.
"It is clear that losses suffered by the complainant are as a direct result of the broker's poor judgment of the entities involved in the investment," Pillai says.
Michael Denman Mackrory, a pensioner from Wonderboom in Pretoria, complained to the ombud that Marius Naude from Kameeldrift West, his broker of eight years, had acted without due care, skill and diligence by recommending a company without explaining the risk posed by investing with an institution that was not financially sound.
Mackrory made two investments: one of R231 000 in August 2004 and a further R60 000 in February 2005. These were invested with Leaderguard Spot Forex, which had been highly recommended by Naude.
Mackrory told the ombud that Naude had advised him that the investments had an income option that would expose only 20 percent of his capital to risk, whilst 80 percent would be protected. Naude had also told him that income would be payable immediately and there was no minimum investment period.
In August 2004, Naude set up a meeting in Pretoria with Mackrory and Heine Venter, who was introduced as a Leaderguard consultant. It was at this meeting that Mackrory made the first investment.
In February 2005, Naude set up another meeting between Mackrory with Venter but he himself did not attend this second meeting.
During this meeting with Venter, Mackrory completed and signed the necessary documents to invest a further R60 000. Mackrory noted some discrepancies regarding the 80 percent guarantees.
He subsequently asked Naude about the limits to risk but Naude said he should have discussed the matter with Venter. It became clear to him that Naude knew little about the Leaderguard investment.
Mackrory told the ombud that he did not receive any income from the second investment he had made in February 2005, although had received income from the first investment.
He also did not receive contract documents, but did receive letters which kept him up to date on the performance of the investments.
On April 4, 2005, Mackrory learnt of the financial problems facing Leaderguard Securities in a newspaper report. Leaderguard Securities marketed the foreign-exchange investment products of Leaderguard Spot Forex where he had invested.
The newspaper article indicated that problems at Leaderguard Spot Forex began in December 2004.
When Mackrory questioned his broker about the matter, he was told that Leaderguard Securities knew nothing about Leaderguard Spot Forex. In response to Mackrory's complaint, Naude told the ombud that he did not have any documents which related to the investment Mackrory had made in Leaderguard.
The ombud's office cannot rule on matters where the financial service took place before September 30, 2004. Therefore, the ombud could not rule on the loss of Mackrory's first investment of R231 000 which he had made in August 2004.
In his determination on the second investment of R60 000, made in February 2005, Pillai says Naude did not deny that he provided financial advice to Mackrory for about eight years prior to the Leaderguard transactions. It is not in dispute that Naude brought the Leaderguard product to the attention of the complainant.
He pointed out the positive aspects of the product without explaining the risks involved to the complainant, Pillai says in the determination.
"Naude had mentioned that Leaderguard had been generating good returns and that the complainant's capital would be secure.
"He explained and recommended the income option to the complainant. As a result, the complainant chose the plan," says Pillai.
Pillai concluded that Naude had advised Mackrory to invest in Leaderguard Spot Forex and such advice was the cause of the complainant's loss.
Pillai says Naude was not licensed to sell the Leaderguard product.
"He ought not to have advised on this product at all. In essence, the broker had no skill to provide advice on a forex investment product."
In upholding the complaint that the broker did not comply with the FAIS Act and had acted without the necessary skill, care and diligence, Pillai ordered that Mackrory be compensated for R60 000 plus 15.5 percent interest from February 24, 2005 to date of payment.
Pillai says his office has been inundated with complaints relating to advice concerning investments in Leaderguard and he would be issuing further determinations on the matter.
Hundreds of South Africans - many of them pensioners - invested into Leaderguard Spot Forex, an investment company based in Mauritius that speculated in the foreign-exchange markets.
The local arm of the company, Leaderguard Securities, which marketed and recruited investors on behalf of Leaderguard Spot Forex. was placed in provisional liquidation by the Pretoria High Court on March 24, 2005, after Maria Fryer, the financial director, brought an urgent application for its winding up.
This was when investors became aware of Leaderguard Spot Forex's financial difficulties.
However, Pillai says, Leaderguard Securities knew that Leaderguard Spot Forex had solvency problems as early as February 2004.
Nonetheless, it continued to collect funds from investors, Pillai says.
Leaderguard Securities was placed in final liquidation in July 2005.
Pillai says the public was fed performance claims for which there was no basis. Performance data dated back to 1997 but Leaderguard Securities had only been in operation since 2001 and Leaderguard Spot Forex since 2003.
Pillai says it is unfortunate that this was not picked up by the intermediaries involved in marketing the investment products. The risk of the product was, to a large extent, underplayed, whereas the fineprint in the forms painted a totally different picture. Investors were told of a so-called 20 percent exposure to risk and an 80 percent guarantee of their capital. This is how many brokers explained the risk to their clients. In fact, the product carried no guarantees whatsoever, the ombud says.
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Forex Trading
Tradition, the world's third-largest interdealer broker, is entering the fray in the South African marketplace. It says South Africa offers real potential for their business, but also feels it is unfair that the country suffers under the weight of its emerging-market status.
The company's CEO, Robin Houldsworth, says: "We are very interested in the emerging-markets arena. However, it's a little unfair to label South Africa that way if you look at the quality of management and various other issues. It's unfair to be lumped into that group."
"International players often make decisions as a group -- and you suffer as a result of that," he said, adding that his company has noted benefits in the South African market and an increase in its client base, which is why it is now entering the market in a bigger way.
He also views this as the first step to a potentially bigger role in Africa. "We would like to use South Africa as our gatepost into Africa. There are a lot of opportunities if you look at growth in Namibia, Uganda, Kenya, even Nigeria," he said.
"Your economy is pretty robust -- for instance, we recently had Turkey where a response comes and then your market bounces straight back. It's not totally fair to label you the same way as other emerging markets," he said.
Announcing the opening of its subsidiary in Johannesburg on Wednesday night, he said his company has offices in 20 countries around the world and is used to being exposed to different external requirements.
He said he does not see black economic empowerment as problem at all. "We are expanding and see this as part of the programme. We are in 20 countries and are used to having to deal with different requirements.
"For instance, we are also going into China and have to abide by their strict rules regarding shareholding. The same thing applies in Japan, where we have a presence. There are many different local rules, which is fine. We like to see ourselves as contributors and facilitators in this regard."
He added: "We would like to be seen as supporting the local market and will fit in with the local infrastructure."
The office in Johannesburg will initially cover South African government bonds and interest-rate derivative products.
"If you look at your long bond, for instance, rates of around 8% in SA are very interesting for international investors. We therefore see lots of opportunities here."
Forex Trading
Johannesburg - Tradition, the world's third largest interdealer broker, is entering the fray in the South African marketplace, and feels South Africa offers real potential for their business, but also feels it is unfair we suffer under the weight of our emerging market status.
The company's CEO, Robin Houldsworth, says: "We are very interested in the emerging markets arena.
"However, it's a little unfair to label South Africa that way if you look at the quality of management and various other issues.
"It's unfair to be lumped into that group.
"International players often make decisions as a group - and you suffer as a result of that."
He said his company had noted benefits in the SA market and had seen an increase in their client base, which was the reason they were now entering the market in a bigger way.
He also viewed this as the first step to a potentially bigger role in Africa. "We would like to use South Africa as our gatepost into Africa.
"There are a lot of opportunities if you look at growth in Namibia, Uganda, Kenya, even Nigeria," he said.
"Your economy is pretty robust - for instance we recently had Turkey where a response comes and then your market bounces straight back. It's not totally fair to label you the same way as other emerging markets," he said.
Announcing the opening of its subsidiary in Johannesburg, he said his company had offices in 20 countries around the world and was used to being exposed to different external requirements.
He said he did not see BEE as problem at all.
"We are expanding and see this as part of the programme. We are in 20 countries and are used to having to deal with different requirements. For instance, we are also going into China and have to abide by their strict rules regarding shareholding.
"The same thing applies in Japan, where we have a presence. There are many different local rules, which is fine. We like to see ourselves as contributors and facilitators in this regard."
"We would like to be seen as supporting the local market and will fit in with the local infrastructure," he said.
The office in Johannesburg will initially cover South African government bonds and interest rate derivative products.
"If you look at your long bond for instance, rates of around 8% in SA are very interesting for international investors. We therefore see lots of opportunities here."
Forex interest rates make up 54% of the business flow for Tradition, equities and derivatives 33% and commodities and other activities 13%. The company has approximately 7 000 institutional clients.
Visit Fin24 on DStv Channel 60 or just press OK on any channel for DStv's newest financial news channel
Forex Trading
SYDNEY - National Australia Bank (NAB) yesterday stood by its seven-month-old demand for more than A$539 million ($645 million) in compensation from two global currency brokers over a trading scandal that rocked the bank.
The confirmation came after a jury on Saturday found two former NAB foreign exchange options traders guilty of charges relating to a trading debacle that cost Australia's biggest bank by assets $A252 million and led to top-level resignations.
Two other former NAB traders have already been jailed.
A NAB statement in November said it had issued letters of demand for compensation against ICAP Plc, the world's largest interbank broker, and another broker.
ICAP said at the time neither ICAP nor TFS-ICAP, a Singapore subsidiary, accepted any responsibility for the NAB currency trading losses and intended to "vigorously contest any claim".
The spokesman for the other broker, BGC Partners, said yesterday that the company "doesn't accept it was responsible for the alleged losses caused by the conduct of the NAB traders and the documented failures of NAB management".
BGC Partners was spun off from Cantor Fitzgerald, a financial services provider to the institutional equity and fixed income markets, the BGC Web site www.bgcpartners.com said.
NAB had alleged that revaluation data supplied by an individual within TFS-ICAP had helped to hide foreign exchange trading losses built up by traders, ICAP said in November.
"The compensation claim still stands," a NAB spokeswoman said yesterday.
NAB had said in the statement on November 10 that it might sue. "While the National would prefer to resolve its claims against those parties by negotiation, it may be necessary for it to bring legal proceedings against them to enforce its rights," it said.
David Bullen, 34, and Vince Ficarra, 27, were each found guilty in a Victoria state court on Saturday of multiple counts of gaining financial advantage and one count of gaining financial advantage by deception. They will be sentenced at a later date.
The court was told during the five-week trial that Bullen and Ficarra had entered fictitious trades to hide mounting losses. Both said they believed the manipulation had been a common practice and that they were acting under instructions.
Forex Trading
Think you've been trading the Forex? Think again. A new blog, The Forex Non-Dealing Desk Trader, takes a fresh look at foreign exchange trading and, in doing so, may help to bring about much needed industry reform.
LOS ANGELES, CA (PRWEB) June 12, 2006 -- Phil Davis, a balding, well tanned 59-year-
old self-described loner, doesn't portray himself as a crusader but writing a steady stream of articles about the hazards of Forex trading, he certainly comes off like one. 'I don't have a bone to pick with anyone in particular, but I'm convinced the industry is in dire need of reform,' he said.
The inspiration to create his blog, The Forex Non-Dealing Desk Trader, came early last Fall when he had a conversation with a retired Forex broker he'd met at a community function in downtown LA. 'When I started bragging about my experiences as a 'Foreign exchange trader', he listened politely and then, after I'd pretty much revealed how little I knew, he asked me a predictable question - 'Who's your broker?'
'At the time I thought that he was asking the question just to be polite but the statement that followed my response made me realize how little I knew about the industry. 'I don't mean to burst your bubble, Phil, but you aren't trading the Forex.'
That, Davis describes, as his 'Dan Quayle moment'.
'I tried, of course, to contest his observation but it didn't take very long for me to realize that he knew what he was talking about - I didn't. In the end, he convinced me that I wasn't trading the Forex. I was trading on an artificial, off-exchange market created, controlled, and manipulated by a broker for the ultimate benefit of the broker,' Davis reported.
'Ultimately he led me to understand that I was no more a Forex trader than the tourist who visits the currency exchange counter at a local bank,' he said.
During the course of the ensuing conversation, Davis also learned that he could, indeed, trade the Forex but that he would have to trade standards lots through a broker offering direct market access through a non-dealing desk.
Those revelations paired with a search for a non-dealing desk broker led Davis several months ago to create a blog to help other traders overcome the natural disadvantages every trader faces trading the foreign exchange. 'If through my research and commentary, I can help at least one trader avoid making the mistakes I've made, I'll be satisfied,' he said.
And he believes the blog fills a definite need.
Industry insiders like Drew Niv, chief executive of FXCM, one of the biggest dealing desk, Forex brokerage houses in the US, acknowledged in an article appearing in the Wall Street Journal that few traders are profitable. 'Niv doesn't attribute the failure rate to anything specific, but I have come to believe it's more a function of broker manipulation than the vagaries of the foreign exchange itself,' Davis reported.
Davis's own research seems to confirm that. According to Davis, unlike their dealing desk counterparts, non-dealing desk brokers offer the trader a leveler playing field. Instead of trading with a single broker offering contrived pricing, spot traders have the opportunity to trade against dozens of banks and FCMs. "It doesn't take a genius to understand that the trader is better off when he has more options to choose from," he said.
Davis's blog first came on line in April. The Forex Non-Dealing Desk Trader (www.nondealingdesk.blogspot.com) is a non-commercial blog so he doesn't use it (nor does he allow anyone else to use it) to recommend the services of any Forex related service provider.
Forex Trading
FRANKFURT (AFX) - Shares were off intra-day lows in midafternoon trade as US stock futures pointed to a positive start on Wall Street this afternoon, though they remained in negative territory amid weakness in financial stocks and as Bayer slid after Merck upped its stake in Schering, dealers said.
At 2.56 pm, the DAX 30 index was 33.06 points or 0.61 pct lower at 5,431.02, having moved between 5,399.77 and 5,470.23 so far this session.
The MDAX was at 7,595.66, down 103.06 points or 1.34 pct, while the TecDAX was at 622.07, down 7.55 points or 1.20 pct.
The DAX futures contract was at 5,432.50, up 20.50 points or 0.38 pct, while bund futures were at 116.61, up 0.13.
The euro last traded at 1.2587 usd, against 1.2586 in midday London trade.
Financial stocks were all in the red, with commercial real estate lender Hypo Real Estate leading large-caps lower, dropping 1.04 eur or 2.29 pct to 44.45.
Insurance giants Allianz and Munich Re slipped 0.91 to 115.19 and 0.96 to 100.79 respectively, while Deutsche Bank lost 0.49 to 84.65 and Commerzbank slid 0.23 to 26.30.
Bayer was another weak spot, falling 0.65 to 32.45, amid concerns its plans to take over Schering might fail or that it might have to raise its offer or divest parts of the business to acquire Merck's stake, following news that Merck has increased its stake in Schering to 18.6 pct.
Bayer's 86 eur per share takeover offer is conditional on a 75 pct minimum acceptance rate by Wednesday, meaning that Merck now needs just over another 6 pct to block the takeover, with sources today saying that Merck indeed is planning to raise its stake to over 25 pct.
Bayer was also in focus as the Frankfurter Allgemeine Zeitung reported that some Schering shareholders have withdrawn their acceptances to tender shares to Bayer, which on Saturday said it holds a 61.52 pct stake in Schering.
'It is now very doubtful whether Bayer will reach the 75 pct minimum acceptance rate by Wednesday,' Landesbank Rheinland-Pfalz said.
Schering was down 0.27 at 85.98, while Merck slid 1.90 to 72.05, erasing initial gains, after LG Philips LCD, a joint venture between South Korea's LG Electronics and Royal Philips Electronics NV, lowered its second-quarter guidance for shipments and its EBITDA margin forecast.
Meanwhile, ThyssenKrupp was the best performer, rising 0.17 eur or 0.70 pct to 24.48, following upbeat comments from Morgan Stanley, which reiterated its 'overweight' rating and 38.50 eur price target on the stock.
'Our meeting with Mittal management last Friday increased our conviction on staying 'overweight' (on ThyssenKrupp) -- our 38.50 eur price target implies 61 pct upside,' said Morgan Stanley.
Linde added 0.22 to 61.22, as UBS raised its rating on the stock to 'neutral' from 'reduce' and lifted its price target to 66 eur from 62, arguing that the stock has fallen to a level near its price target.
'Following a 17 pct sell-off from peak levels (and) with 9-12 pct underperformance versus three peers we upgrade to 'neutral' from 'reduce',' said UBS.
BMW gained 0.09 to 38.43, after Dresdner Kleinwort Wasserstein upgraded the shares to 'buy' from 'hold', with an unchanged price target of 46 eur.
'BMW's fundamentals hardly changed over the past weeks (but) nevertheless, the share price dropped some 20 pct,' DKW said in a note to clients, adding that the shares are currently trading at levels 22 pct below their historical average.
The broker also said that the German auto giant's recent sales performance, its protection against forex fluctuations and the ongoing strong cash generation were convincing arguments for its 'buy' rating on the stock.
However, peer VW was down 0.45 at 51.98, while DaimlerChrysler eased 0.16 to 37.99.
SAP added 0.50 to 157.10, after UBS upgraded its stance on the issue to 'buy' versus 'neutral' with a 200 eur price target.
On the MDAX, Vivacon slumped 1.06 eur or 4.69 pct to 21.56, while Medion gained 0.28 eur or 2.76 pct to 10.43.
Solarworld was down 146.05 eur or 75.24 pct at 48.05 on the TecDAX, amid today's 1:3 stock split, while Tele Atlas rose 0.17 eur or 1.03 pct to 16.72.
niklas.magnusson@afxnews.com
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Forex Trading
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Online Casino Invests $11,000 to Pull Warren Buffett's Strings
MINNEAPOLIS, MN - May 26 -- Popular online casino and eBay shopaholic GoldenPalace.com has added another winner to their portfolio today by acquiring Warren Buffett's signed DQ Ukulele for $11,211. The instrument was specially made for Buffett by Dairy Queen, a longtime economic and gastronomic favorite of the billionaire investor. The instrument has been personally played, and signed by Buffett who is widely regarded as the most successful value investor of all time.
Lisa D. McGill Kicks Off Caribbean Heritage Month with a Book Signing at Yale Bookstore
NEW HAVEN, CT - May 25 -- Lisa D. McGill, author of Constructing Black Selves: Caribbean American Narratives and the Second Generation (published by NYU Press in November 2005) returns to New Haven and her alma mater, Yale University, to kick off National Caribbean American Heritage Month with a Thursday, June 1st book signing and reception at the Yale Barnes & Noble Bookstore (77 Broadway) at 6PM.
Hollywood Couple, Adrianne Curry and Christopher Knight, Say 'I Do' with Custom Designed Whiteflash.com Wedding Bands
HOUSTON, TX - May 25 -- Whiteflash.com custom designed one-of-a-kind wedding bands for the upcoming nuptials of Adrianne Curry, winner of America's Next Top Model, and Christopher Knight, of Brady Bunch fame. The two met on the set of VH1's Surreal Life last year and have been heading toward wedded bliss ever since. Whiteflash.com, a diamond and jewelry e-boutique, was heralded by Kiplinger's Magazine as 'Lord of the Online Rings.' The company's world-renowned jewelry artisans handcrafted the famous couple's wedding bands.
'LTCI Live' - Long Term Care Insurance, Hot New Topic on the Lecture Circuit; for Groups Seeking Speakers, LTC Financial Partners Offers Army of Experts Free of Charge
KIRKLAND, WA - May 25 -- Local service clubs, community groups, and associations constantly need speakers to jazz up their meetings, but good ones - without big fees - are hard to find. LTC Financial Partners, the nation's most experienced long term care insurance brokerage, is filling the need with 180-plus experts on a hot new topic: long term care insurance.
Narconon Teams Up With Hot Music Group to Release Video that Depicts Real-Life Drug and Alcohol Addiction
TROIS-RIVIERES, QUEBEC - May 25 -- Narconon has recently released the draft version of the 'Losing Control' video-clip with a goal of generating interest for drug education and prevention. Based on a true story, the young man in the video is contemplating suicide due to a struggle with drugs and alcohol.
Cleveland Seminar Will Prep Agents for Long Term Care Insurance Bonanza; Following Tax-Friendly Legislation, Flood of LTC Applications Expected
CLEVELAND, OH - May 25 -- Thanks to incentives from Washington, tens of millions of Americans will seek long term care insurance, but agents aren't prepared. That's the gist of a seminar for agents on June 3-5 in Cleveland, sponsored by LTC Financial Partners LLC. The Deficit Reduction Act of 2005, signed by President Bush on February 8, offers carrot-and-stick motivation for 77 million retiring baby boomers, and others, to buy long term care insurance rather than rely on Medicaid.
New LifeSpan Treadmills and Ellipticals - PCE Health & Fitness Launches Pro Series Line of Fitness Equipment
SALT LAKE CITY, UT - May 24 -- PCE Health & Fitness, maker of LifeSpan fitness equipment, enters the high-end fitness equipment market with its LifeSpan PRO Series treadmills and ellipticals. This innovative line of fitness equipment, designed for serious exercise enthusiasts desiring the best in performance and durability, is ideal for homes as well as corporate centers, medical centers, physical therapy offices and hotels.
TIC International's Construction Services Division Has Officially Changed Its Name to Synergen Consulting International
HOUSTON, TX - May 24 -- Technology and Industry Consultants (TIC International) has announced that its Construction Services Division has changed its name to Synergen Consulting International. This change was brought about by record growth in recent years of the firm's already established Construction Management and Claims Consulting Divisions, as well as the addition of a recently acquired Financial and Business Consulting Division.
New Service Will Support 'Long Term Living,' an Alternative to Yesterday's Long Term Care
KIRKLAND, WA - May 23 -- LTC Financial Partners, a leading long term care insurance broker, and Interim HealthCare, a leading provider of home care services, are joining forces to reshape long term care. The two companies will help longer-living Americans keep on living at home in spite of disabilities that now banish millions to nursing homes.
Techlink Northwest is Named to Entrepreneur Magazine's Hot 100 List for Second Year in a Row
SEATTLE, WA - May 23 -- Entrepreneur Magazine released its latest hot 100 list of America's fastest-growing new businesses in America and Techlink Northwest, one of only two Washington state companies to make the grade, is named for the second year in a row.
Brown Investments, Inc. Announces ATM Placements in Tennessee and Mississippi Airports
NASHVILLE, TN - May 23 -- The Memphis International Airport and the Tunica Airport in Mississippi are part of Brown Investments' plan to expand into the airports, hotels and office buildings markets. Brown Investments, Inc. is a full-service business brokerage and investments firm, specializing in the placement and sale of ATMs.
Online Forex Trading Support Companies Pair Up to Host Live Non-Farm Payrolls Training Event for Currency Traders
SAN FRANCISCO, CA - May 22 -- FXbootcamp.com and FXstreet.com have partnered to host an innovative, live, training event for foreign currency (FOREX, FX or 4x) traders on June 2, 2006 at 8:00 a.m. EST. Currency traders will receive live coaching during FOREX's most exciting event - the release of the Non-Farm Payrolls Employment Report. This is the most powerful fundamental report in the FOREX market and is issued by the United States Department of Labor on the first Friday of each month.
The Future of IVF: Genetic Infertility Testing Breakthroughs Hold the Promise of Higher IVF Pregnancy Rates and Lower Multiple Birth Rates
DALLAS, TX - May 22 -- Several breakthroughs in the field of In Vitro Fertilization (IVF), soon to be available in Texas exclusively at the Sher Institute for Reproductive Medicine (SIRM-Dallas), could dramatically increase the odds of a woman getting pregnant through IVF, while at the same time reducing the likelihood of multiple births.
Perception Software Releases EDAConnect - Connects Electronic Design Engineers to Enterprise PLM Systems
AUSTIN, TX - May 22 -- Perception Software today announced the general availability of EDAConnect, which offers electronic design engineers an intuitive, easy to use connection from their EDA environment to their enterprise PLM system. Prior to EDAConnect, the only options available to organizations attempting to integrate their EDA design environment with their enterprise PLM systems were either internally developed or custom developed solutions. Both of these options presented problems when changes or upgrades occurred on either the EDA or the PLM systems
Is Another Hurricane Katrina Coming? New Survey Shows Floridians Grossly Unprepared for Hurricane Season
PENSACOLA, FL - May 22 -- Despite being in the epicenter of hurricane activity, Floridians continue to roll the dice on hurricane insurance. Attorney Samuel Bearman finds that an alarming number of Florida residents do not have adequate insurance coverage, should a major hurricane hit the state.
Local Reproductive Clinic Celebrates Gift of Life with a 5-Year Baby Reunion
GLENDALE, CA - May 22 -- The Sher Institute for Reproductive Medicine (SIRM) in Los Angeles celebrated the gift of motherhood in a fitting way - by bringing together families that have been assisted in their efforts to conceive children over the past 5 years by SIRM(SM) physicians Brian Acacio, M.D. and Mory Nouriani, M.D. More than 350 people attended the celebration, which took place in Griffith Park on Saturday, May 13th. Activities included a catered lunch, pony rides, face painting and children's jumping houses.
CyberTouch Announces 32-inch Touch Screen LCD Monitor
NEWBURY PARK, CA - May 22 -- CyberTouch is pleased to announce the Orion 32 - the latest and largest addition to its line of touch LCD monitors. Available now, this 32-inch diagonal (16x9 aspect ratio) touch screen LCD monitor is ideal for electronic signage, hospitality, kiosk and point-of-purchase applications. This larger size touch monitor allows designers to display more information and reduce the number of screens while increasing interactive efficiency.
Online Jeweler JamesAllen.com Introduces Exclusive Photographed Diamond Inventory
NEW YORK, NY - May 22 -- Commencing Monday, May 22nd 2006, online diamond and jewelry retailer James Allen will start offering its customers more than 10,000 high quality photographed diamonds available exclusively on the James Allen web site.
News stories were edited by Carly Zander, Christopher Simmons. and Liisa Sullivan.
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The Zimbabwean government and the Movement of Democratic Change (MDC), the main opposition, seem to agree on Kofi Annan, the United Nations secretary-general, as a peace broker and an answer to Zimbabwe's melting economy. This is just hours after President Thabo Mbeki told a London newspaper, the Financial Times that Annan carried all the hopes of resolving Zimbabwe's problems.
These problems include a runaway inflation of over 1000%, a crippling shortage of forex and lack of economic confidence. Speculation is that part of Annan's mission will be to negotiate an exit plan for Robert Mugabe, the Zimbabwean president, was torn to pieces today by Bright Matonga, the deputy minister of information, who said Mugabe's exit plan lies in Zimbabwe's electoral process. Matonga says: "He is welcome but he has to be his own man. But we have confidence in him."
Efforts to diffuse political tensions and prevent an economic meltdown have yielded little by President Mbeki and Olusegun Obassanjo, his Nigerian counterpart. No dates have been given as yet for Annan's visit, but it's certain to take place before the end of the year.
Forex Trading
>DITES-LE ' UN AMI >VERSION IMPRIMABLE >ABONNEZ-VOUS ' SENTINELLE CNW
Attention Business Editors, Technology Editors:
Belzberg Technologies Selects LavaFX Product Suite; Integrated System Will Provide Premier Foreign Exchange Trading to Extensive Equity Client Base
TORONTO AND NEW YORK, May 16 /CNW/ - Belzberg Technologies Inc.
(TSX:BLZ), a leading provider of technology-based equity and options trading,
and Lava Trading Inc., the innovative technology firm that develops
high-performance trading solutions for the financial services industry, today
announced that Belzberg has selected the LavaFX(TM) product suite to provide
foreign exchange trading services to Belzberg clients. LavaFX will be fully
integrated with the Belzberg trading system, providing customers with online
spot-trading in multiple currencies and cost efficient hedging in combination
with cross-border equities, options and futures trades.
Built upon Lava's leading, proprietary technology core, LavaFX provides a
premier offering in electronic foreign exchange trading. It offers a Central
Limit Order Book of live dealable prices, full price transparency and depth of
book, and the ability to place bids and offers, together with Lava's
sophisticated order types. The system aggregates multiple sources of FX
liquidity into a single access point, which can be tapped via the fast,
intuitive LavaFX user interface, or through a FIX API.
"LavaFX is the perfect complement to our order execution system," said
Sid Belzberg, Chief Executive Officer, Belzberg Technologies. "As Canada's
premiere provider of electronic cross-border trade execution, we are thrilled
to offer our customers instant electronic FX trading with the tight spreads,
pricing transparency, and aggregation of disparate liquidity sources that
electronic trading demands. This partnership allows traders of inter-listed
stocks to focus on trading rather than Forex slippage."
Belzberg's client base includes over 200 leading Canadian, U.S and
international brokerage houses and financial institutions. As a dominant
player in Canada, the company serves major banks, and has successfully
penetrated U.S. and international markets with prestigious clients.
"We are excited to partner with Belzberg and help the company bring
industry-leading e-FX technology to its extensive equity client base," said
David Ogg, Chief Executive Officer, LavaFX. "Belzberg's expansion into foreign
exchange is indicative of the growing demand for electronic FX trading. By
leveraging Lava's fast, reliable and intelligent FX solutions, Belzberg will
be able to offer clients increased trading efficiency, along with greater
pricing transparency, liquidity and aggregation of disparate FX execution
venues."
About Belzberg Technologies
Belzberg Technologies provides technology based brokerage services for
financial institutions in the United States, Canada and Europe. The company
owns an agency-only broker-dealer in the United States that allows the company
to execute equities and option trades for Belzberg's customers. Using
Belzberg's suite of patented integrated trading tools and network
connectivity, Belzberg's customers have direct access to all North American
equities and options markets, as well as major European stock exchanges. The
firm's client-base includes over 200 leading U.S and international brokerage
houses and financial institutions. Belzberg Technologies is listed on the
Toronto Stock Exchange (Ticker-BLZ) additional information is available at
www.belzberg.com.
About Lava Trading Inc.
Headquartered in New York City, with locations in California, Connecticut
and the United Kingdom, Lava Trading Inc. is an innovative technology firm
that develops high-performance trading solutions for the financial services
industry. Lava products are created as true ASP solutions built to withstand
maximum volumes in the most volatile conditions. As a cost effective and
neutral provider, Lava's OTC, Listed and Foreign Exchange solutions are used
by leading broker/dealers, including most of the top U.S. investment banks, as
well as market makers, hedge funds and institutional investors. With its
patented technology and capital markets expertise, Lava creates value-added
trading solutions that combine speed, intelligence and reliability. Lava is a
wholly owned, independently-operated subsidiary of Citigroup, Inc. (NYSE: C)
and member NASD/SIPC. For more information, visit www.lavatrading.com.
Except for historical information contained herein, the matters discussed
in this press release are based on forward-looking statements that involve
risk and uncertainty. A variety of important factors could cause results to
differ materially from such statements, including but not limited to economic,
competitive, governmental and technological factors affecting the company's
operation, markets, products, prices and other factors.
For further information: For Belzberg Technologies Sid Belzberg,
416-360-1812 Chief Executive Officer sbelzberg@belzberg.com or For Lava
Trading Cheryl Gilberg 212-519-9261 Marketing & Communications
cheryl.gilberg@lavatrading.com or Arnold Corporate Communications Nicki
Polatin, 617-587-8815 npolatin@arn.com
BLZ.(TSX)
C(NYSE)
>DITES-LE ' UN AMI >VERSION IMPRIMABLE >ABONNEZ-VOUS ' SENTINELLE CNW
Forex Trading
ATHENS (AFX) - Shares were higher in late morning trade, led by refiner Motor Oil Hellas which was gaining after posting better than expected first quarter results, brokers said.
At 11.55 am the ASE general index was up 0.6 pct at 3,667.3 points, and blue chips were 0.4 pct higher at 1,969.3 points. Mid caps were 0.5 pct higher at 4,006.6 points.
Refiner Motor Oil Hellas was rising 3.5 pct to 20.6 eur after it said that first quarter net profits jumped 48 pct year-on-year to 43 mln eur. Brokers said this was due to the operation of its new hydrocracker unit, forex and inventory gains, as well as the impact of lower effective exchange rate.
Lottery operator OPAP was up 1.1 pct to 26.8 eur rebounding from recent selling pressure and after posting uninspiring first quarter results yesterday. CSFB said that the revenues were strong, but EBITDA and net profits were weak and kept the stock at 'neutral'.
Electricity utility PPC was 0.5 pct higher to 18.92 eur recovering from recent profit taking. In other news on PPC, broker UBS cut the stock to 'reduce' from 'neutral' and trimmed its target price to 18 eur from 18.8 eur, saying its recent first quarter results didn't show sufficient restructuring.
Betting technology company Intralot was flat at 21 eur after having posted strong first quarter results today before trading began on growth from international operations.
Source: Euro2day.gr NewsWire
skrekas@euro2day.gr
ns/ak/joy
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